Startup India

‘Ease of Doing Business’ Really Fructifying at Grass Root Level?

Income Tax - The ensuing journey of this ‘start-up’ company through the regulatory framework of our country encompassing within its fold the compliances with the respective Legislative Acts concerning the Environment Clearances (air & water pollution), Income Tax, GST and Provident Fund, to name a few, will help us to reflect upon us the harsh rea...

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Employee Stock Options for Startups

Income Tax - What is Startup India? Startup India, initiated by the Government of India is a flagship initiative launched in January 2016. This initiative is taken by the government of India to boost the ecosystem for supporting innovation and startups in India. Through this scheme, the government is looking forward to driving sustainable economic dev...

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How to start your Start up in Testing Phase

Income Tax - Hello Friends, as per worldwide survey data, approx 85-90% startup closed in the first 5 Years of their opening. The main reason for their failure is no proper strategy planning before starting their business and no control over cost after starting a business. Today, I am going to elaborate on the topic ‘How to start […]...

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Start-Up – A Growth Engine For Economy

Income Tax - Start-up India is a flagship initiative, launched by government in January 2016, within the ambit of the ‘Make in India’ programme. Start-up India was brought in with the intention to build a strong eco-system for promoting innovation, improve sustainable economic growth and to generate large scale employment opportunities....

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Respite for Startups from Angel Tax | Forget Taxman & amp; Focus on Business !!

Income Tax - Respite for Startups from Angel Tax. CBDT says -Focus on innovation and improvement of existing products, services and processes and generate employment.   Forget the Taxman !! Further through the promise made by our Hon’ble Finance Minister Nirmala Sitharaman’s on July 5th, 2019 to resolve the issues hovering around startups, C...

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4 Major Tax Exemptions to Startups

Income Tax - 4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemption on Investments above Fair Market Value, Introduction of Section 54EE in the Income Tax Act, 1961 and Amendment in Section 54GB of the Income-tax Act....

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Tax proposals to promote investments in start-ups / sunrise industries

Income Tax - Several tax proposals aim to promote investments in start-ups and sunrise industries in the country​​​​​​​ Lower 25% corporate tax rate is to be applicable to those with annual turnover upto Rs.400 crore  instead of the current limit of Rs.250 crore  Increase in surcharge by 3% for those with taxable income between 2-5 cro...

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No scrutiny of Start-ups related to valuations of share premiums 

Income Tax - Start-ups and their investors filing requisite declarations not to be subjected to any scrutiny regarding valuations of share premiums  E-verification mechanism proposed for establishing identity of the investor and source of his funds TV programme proposed exclusively for Start-ups within the DD bouquet of channels Government to launch ...

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DD channel for start-ups 

Income Tax - The Union Minster of Finance and Corporate Affairs, Nirmala Sitharaman said that the Government proposes to start a channel within the DD bouquet of channels exclusively for start-ups....

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CBDT allows Angel Tax Exemption to 702 startups

Income Tax - DPIIT accepts applications and declarations from Startups applying for Angel Tax Exemption and on the receipt of the same DPIIT forwards these applications to CBDT. As on 21st June, 2019 a total of 944 applications for Angel Tax Exemption have been received. Thirty-nine applications have been found to be incomplete, and 203 applications ...

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TP- operating cost should be calculated by adjusting abnormal cost incurred on account of Start-up Company

HCL Technologies BPO Services Ltd Vs ACIT (ITAT Delhi) - In the case of HCL Technologies BPO Services Ltd vs. ACIT, ITAT has held that for transfer pricing only amount retained by associates from end user is to be taken into account for transfer pricing adjustment, and to adjust operating cost by excluding abnormal cost incurred on a/c of Startup Company ...

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CBDT prescribes time-frame for handling grievances of Startups

F. No. 173/149/2019-ITA-I - (23/09/2019) - Grievances of Startups should be handled within the following time-frame:- i) In case of any grievance, the preliminary Action Taken Report is to be submitted to this office by the next day i.e. within one working day of calling of report by this office....

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Consolidated circular for Income Tax assessment of Startups

Circular No. 22/2019-Income Tax - (30/08/2019) - In case of Startup companies recognized by Department for Promotion of Industry and Internal Trade (DPIIT) which have filed Form No. 2 and whose cases are under limited scrutiny on the single issue of applicability of section 56(2)(viib) of the Income-tax Act, 1961 (the Act),the contention of the as...

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CBDT constitutes Cell for redressal of grievances related to Start-ups

F.No. 187/6/2019-ITA-I - (30/08/2019) - In order to redress grievances and address various tax related issues in the cases of Start-ups, a Start-up Cell has been constituted by CBDT on 30.08.2019 with the following ex-officio members:...

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CBDT issues clarification on eligibility of small Start-ups to avail tax holiday

NA - (22/08/2019) - The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover upto Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961(the ‘Act’), which provides deduction for 100 per cent of income of an eligibl...

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CBDT simplifies process of assessment in respect of Startups

NA - (10/08/2019) - In case of Startup Companies recognized by DPIIT which have filed Form No. 2 and whose cases are under limited scrutiny on the single issue of applicability of section 56(2)(viib),the contention of the assessee will be summarily accepted....

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Recent Posts in "Startup India"

4 Major Tax Exemptions to Startups

4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemption on Investments above Fair Market Value, Introduction of Section 54EE in the Income Tax Act, 1961 and Amendment in Section 54GB of the Income-tax Act....

Read More
Posted Under: Corporate Law |

‘Ease of Doing Business’ Really Fructifying at Grass Root Level?

The ensuing journey of this ‘start-up’ company through the regulatory framework of our country encompassing within its fold the compliances with the respective Legislative Acts concerning the Environment Clearances (air & water pollution), Income Tax, GST and Provident Fund, to name a few, will help us to reflect upon us the harsh rea...

Read More
Posted Under: Corporate Law |

Employee Stock Options for Startups

What is Startup India? Startup India, initiated by the Government of India is a flagship initiative launched in January 2016. This initiative is taken by the government of India to boost the ecosystem for supporting innovation and startups in India. Through this scheme, the government is looking forward to driving sustainable economic dev...

Read More
Posted Under: Corporate Law |

How to start your Start up in Testing Phase

Hello Friends, as per worldwide survey data, approx 85-90% startup closed in the first 5 Years of their opening. The main reason for their failure is no proper strategy planning before starting their business and no control over cost after starting a business. Today, I am going to elaborate on the topic ‘How to start […]...

Read More
Posted Under: Corporate Law |

CBDT prescribes time-frame for handling grievances of Startups

F. No. 173/149/2019-ITA-I (23/09/2019)

Grievances of Startups should be handled within the following time-frame:- i) In case of any grievance, the preliminary Action Taken Report is to be submitted to this office by the next day i.e. within one working day of calling of report by this office....

Read More

Start-Up – A Growth Engine For Economy

Start-up India is a flagship initiative, launched by government in January 2016, within the ambit of the ‘Make in India’ programme. Start-up India was brought in with the intention to build a strong eco-system for promoting innovation, improve sustainable economic growth and to generate large scale employment opportunities....

Read More
Posted Under: Corporate Law |

Consolidated circular for Income Tax assessment of Startups

Circular No. 22/2019-Income Tax (30/08/2019)

In case of Startup companies recognized by Department for Promotion of Industry and Internal Trade (DPIIT) which have filed Form No. 2 and whose cases are under limited scrutiny on the single issue of applicability of section 56(2)(viib) of the Income-tax Act, 1961 (the Act),the contention of the assessee will be summarily accepted....

Read More

CBDT constitutes Cell for redressal of grievances related to Start-ups

F.No. 187/6/2019-ITA-I (30/08/2019)

In order to redress grievances and address various tax related issues in the cases of Start-ups, a Start-up Cell has been constituted by CBDT on 30.08.2019 with the following ex-officio members:...

Read More

CBDT issues clarification on eligibility of small Start-ups to avail tax holiday

NA (22/08/2019)

The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover upto Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961(the ‘Act’), which provides deduction for 100 per cent of income of an eligible start-up for 3 years […]...

Read More

Respite for Startups from Angel Tax | Forget Taxman & amp; Focus on Business !!

Respite for Startups from Angel Tax. CBDT says -Focus on innovation and improvement of existing products, services and processes and generate employment.   Forget the Taxman !! Further through the promise made by our Hon’ble Finance Minister Nirmala Sitharaman’s on July 5th, 2019 to resolve the issues hovering around startups, C...

Read More
Posted Under: Corporate Law |

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